What I don't like is seeing the removal of peoples options and freedoms to self select and engage in what they want to do. 

You could structure the deal as an installment sale or a lease option so the property owner doesn't see a large capital gain tax payment for the sale.And good on you for helping out!

Explore the possibility of doing liability insurance instead, if you don't have much equity it may be your best, and much cheaper option.  

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

My budget will be around $200k but I’m meeting with a lender on Tuesday to go over all of my options.

I know the seacoast of NH has been mentioned here but I wanted to point out a few options that could be considered.Hampton, a popular coastal town, has strong demand for multifamily units near the beach and a robust short-term rental market, especially in summer.

After weighing our options, it seemed the best approach.

You may also need to provide additional documentation, such as proof of income and employment, and may need to have a co-signer who is a U.S. citizen or permanent resident.In terms of buying with an LLC, it can be a good option for some foreign buyers, as it can provide additional liability protection and potentially offer tax benefits.

We’re looking for Excel models to compare these options and calculate potential net worth in both scenarios.

Aim for a credit score of 680+ for better refinance options.